The Commercial Real Estate Lease Modeling Master Class

Justin Kivel

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57 Lessons (4h 46m)
    • 1. 0 Introduction

      2:10
    • 2. 1 What We Will Cover

      4:00
    • 3. 2 What We Will Cover Commercial Lease Build Out

      4:02
    • 4. 3 About The Instructor

      2:48
    • 5. 3a A Sneak Peek Into What You'll Build

      1:53
    • 6. 4 Commercial Lease Modeling Fundamentals

      1:53
    • 7. 5 Expense Reimbursements Exercise

      2:29
    • 8. 6 Expense Reimbursements Solution

      5:17
    • 9. 7 TI and LC Modeling Exercise

      1:33
    • 10. 8 TI and LC Modeling Solution

      5:20
    • 11. 9 Rent Escalation Modeling Exercise

      1:42
    • 12. 10 Rent Escalation Modeling Solution

      5:27
    • 13. 11 Renewal Probability Exercise

      2:30
    • 14. 12 Renewal Probability Solution

      6:45
    • 15. 13 Percentage Rent Exercise

      2:47
    • 16. 14 Percentage Rent Solution

      2:48
    • 17. 15 Pro Forma and Dynamic Cash Flow Modeling

      1:49
    • 18. 16 Real Estate Financial Modeling Color Coding Essentials

      2:07
    • 19. 17 Setting Up The Excel File

      4:15
    • 20. 18 In Place Tenant Details and TTS Macros Introduced

      2:30
    • 21. 19 Modeling Reimbursement Structures

      4:33
    • 22. 20 Modeling Reimbursement Structures Part II

      3:38
    • 23. 21 Rent Escalation Schedule Modeling

      6:24
    • 24. 22 Re Leasing Assumption Modeling

      5:45
    • 25. 23 Modeling Re Leasing Costs

      3:31
    • 26. 24 Formatting Tenant Details

      7:09
    • 27. 25 Finalizing Lease Formatting

      6:22
    • 28. 26 Dynamic Monthly and Yearly Cash Flows

      6:24
    • 29. 27 Dynamic Date Modeling

      4:51
    • 30. 28 In Place Base Rent Modeling

      4:04
    • 31. 29 In Place Tenant Rent Cash Flows

      4:17
    • 32. 30 Building Out Property Expenses

      4:52
    • 33. 31 Dynamic Expense Growth Modeling

      4:36
    • 34. 32 In Place Reimbursement Modeling

      11:24
    • 35. 33 Dynamic Re Leasing Base Rent Modeling

      12:31
    • 36. 34 Weighted Average Downtime Lease Modeling

      4:09
    • 37. 35 Re Leasing Free Rent Modeling

      6:44
    • 38. 36 Building Out Re Leasing Reimbursements Advanced

      14:59
    • 39. 37 Modeling Re Leasing Tenant Improvements

      8:55
    • 40. 38 Modeling Re Leasing Leasing Commissions

      14:20
    • 41. 39 Total Net Tenant Reimbursements

      1:02
    • 42. 40 Building Out Percentage Rent Drivers

      7:38
    • 43. 41 Modeling Percentage Rent Cash Flows

      7:54
    • 44. 42 Building Out Additional Leases

      6:10
    • 45. 43 In Place Base Rent and Reimbursements Modeling

      6:06
    • 46. 44 Additional Leases Re Leasing Base Rent, Free Rent, and Reimbursements

      9:09
    • 47. 45 Additional Leases Leasing Costs

      3:07
    • 48. 46 Additional Leases Modeling Percentage Rent

      3:22
    • 49. 47 Building Out Vacancy and Credit Loss

      2:33
    • 50. 48 Monthly Cash Flow Timing Modeling

      4:39
    • 51. 49 Modeling Vacancy and Credit Loss

      7:36
    • 52. 50 Modeling Other Income and Effective Gross Revenue

      2:06
    • 53. 51 Modeling Expenses, CapEx, NOI and CF Before DS

      6:52
    • 54. 52 Monthly Cash Flow Formatting

      3:04
    • 55. 53 Building Out The Annual Cash Flows

      6:39
    • 56. 54 How To Use This Information

      3:20
    • 57. 55 Wrapping Up

      1:17

About This Class

Want to learn how to model complex commercial real estate leases in Microsoft Excel from scratch, even without ARGUS? 

This course is a complete, step-by-step guide to modeling commercial leases for retail, office, and industrial real estate. This is a project-based course, meaning you'll start with a blank Excel workbook and walk away with a fully-functional, dynamic, commercial lease model that YOU'VE created - from scratch.

By the end of this course, you'll be able to build a dynamic, professional-quality commercial real estate lease model from scratch, and your first one will be done by the time you finish the last lecture.

This course will teach you how to model things like multiple tenant lease terms and expiration dates, complex reimbursement structures, renewal probability and downtime, tenant improvement allowances, leasing commissions, and much, much more. At the end of this course, you will be able to:

  • Build an institutional-quality, dynamic commercial real estate lease model from scratch

  • Learn key Excel shortcuts to double your real estate financial modeling speed

  • Model multiple lease structures and quickly and easily model complex reimbursement structures (NNN, FSG, MG, & BYS)

  • Use renewal probability to accurately drive your future cash flows at a commercial property

  • Build a dynamic lease structure that models irregular rent increases (or decreases) and dynamically changes cash flows with the click of a button

  • Model dynamic leasing commissions on a commercial deal, even if you have different agreements for different periods of a lease

  • Build out percentage rent formulas to model percentage rent payments for retail tenants based on net sales

  • Create easy-to-view annual cash flow roll-ups to quickly review your work and present to investors or colleagues

This course is perfect for you if:

  • You're a college student or graduate student looking to break into real estate investment after graduation, and you're looking to add the key technical skill sets to your arsenal that will put you head and shoulders above the competition and allow you to land a lucrative career opportunity in the field

  • You're a professional in a different field, but looking to buy real estate on the side and want to be able to confidently analyze a commercial deal 

  • You're an existing real estate professional looking to advance your career, increase your compensation, and break into the real estate investment industry.

  • You've bought rental homes or duplexes, and now you're looking to move into bigger commercial properties and want to feel confident in your ability to analyze deals.

If you have a basic understanding of real estate finance, and you're looking to apply that knowledge to analyze new commercial real estate investment opportunities, enroll now and let's get started building this model together today. Looking forward to having you in the course!

Credit to Bensound for the intro music!